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Printed Circuit Design & Fab Magazine

MELVILLE, NY -- Park Electrochemical reported fiscal third quarter net income slipped 30.6% to $5 million as gains in margin were offset by special charges related to previous factory shutdowns.

For the period ended Nov. 28, the maker of printed circuit laminates and other materials sales of $46.9 million, up 1.7% year-over-year. Net earnings before special items were $6.3 million, down from $7.2 million in the third quarter of last year. The results include took a $1.3 million charge in connection with the January 2009 closure of its Neltec Europe SAS business unit in Mirebeau, France.

Earnings from operations were $8.1 million, up from $7.6 million last year.

Gross profits as percentages of sales were 30.9% for the quarter, up one full percentage point from last year.

Park is the parent company of Nelco, Neltec and other printed circuit board brands.